Ha Noi Retail 2H/2025

ECONOMIC OVERVIEW

Ha Noi’s economy continued to show strong momentum in the first nine months of 2025, posting a GRDP growth of 7.9% year-onyear (YoY), and outperforming the national target of 7.9% and approaching the city’s 8% annual target. Growth accelerated sequentially (Q1: 7.5%; Q2: 8%; Q3: 8.2%), demonstrating the capital’s resilience amid global uncertainties, tighter trade conditions, and easing domestic demand.

Domestic consumption continues to anchor overall economic stability. Total retail and consumer services revenue reached VND702 trillion, an increase of 14% YoY, outpacing the national retail growth rate of 10.5%. Retail goods sales reached VND441 trillion (an increase of 12.3%), with discretionary segments such as jewellery, construction materials, and fashion outperforming, indicating an ongoing shift toward mid- to high-end consumption. Tourism-related services, including accommodation and F&B, expanded sharply (+17.9%), while travel services jumped 25%, signalling a strong rebound in visitor spending.